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Rochester NY is a beautiful location and has become more popular in recent years because of its ideal weather, affordable cost of living and the great range of schools, theatres and entertainment. A fantastic location for both living and working, Rochester has something for everyone. For potential investors, the city is a great place to purchase properties with a view to renting. In Rochester NY, quality properties are in high demand with prospective tenants, so it makes good financial sense. However, there are a few things to note when investing for the first time. The Right Location When it comes to rental real estate, a lot of the focus is on the location. The ideal property would be in close proximity to schools, shops and public transport services, with low crime rates in the area. These factors make the house or apartment more desirable to renters and the value would actually increase over time due to the safety and accessibility of the location. For anyone thinking of renting in Rochester NY, an attractive home will need to tick all these boxes. Good Condition Whilst the location is important, the internal and external condition of the property is also just as crucial. Purchasing a house that requires lots of repairs can cut into your profit and delay the rental process compared to one that requires minimal upgrades and renovation. Having a professional inspection done before purchasing a property will help to highlight the issues that need tending to before you buy, and help you to make an informed decision. Potential to increase in value When investing in property for renting in Rochester NY, it’s also a good idea to consider the potential of its appreciation over time. Choosing to rent out a property in a prime location, such as newer neighbourhoods or places that are being refurbished and redeveloped, can be a smart choice. Properties in these kinds of places are bound to appreciate over time, so it’s a factor that’s well worthwhile considering. Appeal to Quality Renters It’s crucial to appeal to high quality tenants in order to ensure that your asset runs smoothly and doesn’t sit vacant for extended periods of time; this means making sure it is an attractive financial proposition for them (and you!). One way of determining this for the area you’re looking at is to evaluate the price to income ratio, which compares the median household income to the median household price. Profitable return on investment It’s important to calculate the profits you will be reaping so you can understand if it presents a good investment proposition before you make a purchase. A good rule of thumb to abide by is the 2% rule, where it is only a good business venture if the property can generate 2% or more of the original purchase price monthly in cash flow. It’s important to note, however, that it is unwise to enter into a contract of any kind without speaking to a professional advisor first. More and more investors are choosing to buy property in this wonderful city. The amount of people renting in Rochester NY has never been higher so, with the right advice, and the right house or apartment, there are excellent opportunities to make a profit. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience providing a holistic service for both domestic and international investors. The high number of people renting in Rochester NY makes it one of the most exciting areas to invest in both commercial and residential properties. The company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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